In Accenture’s 2015 Global Risk Management Study, many insurance respondents reported that they saw risk to be increasing in the industry. Three in four respondents expect IT and cyber risks to increase in severity and 65 percent believe the risk of fraud and financial crime will intensify.
However, respondents reported struggling to keep pace with the demand for highly specialized skills and knowledge in the risk function. Just 7 percent of insurance respondents said that their teams have sufficient internal resources in specialized areas, such as modeling or emerging risks, although 21 percent hope to be in better shape in two years’ time.
Worryingly, the talent shortfalls coincide with those areas where respondents feel they most need to develop and evolve. For example, our insurance respondents said that demand for people with skills and knowledge in data management and analysis, and cyber risk, is particularly high.
One key challenge for insurers is that banks and other organizations outside of financial services are chasing similar skills. That said, insurers seem to be in a slightly better position from a specialist talent perspective. For example, 50 percent said that they have data management skills to a great extent, compared with 40 percent for banks. Surveyed insurers are also more confident that they have the knowledge and understanding of digital technologies and cyber risk within the risk function.
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